Common use of Fire and Other Casualty Insurance Clause in Contracts

Fire and Other Casualty Insurance. Licensee will at Licensee's own expense at all times during said term keep its portion of all equipment and buildings, including any other improvements on the licensed area insured against loss or damage by fire and other causes of loss included in the standard ISO Special Coverage Form. The policy shall be with an insurance company authorized to do business in Hawaii, in an amount as near as practicable to the full replacement cost thereof (which amount Licensee will review as to sufficiency at least annually and, if insufficient, will increase), and shall be in the joint names of Licensor, Licensee and any mortgagee as each of their interest may appear. Licensee will pay all premiums on such insurance when due, and will deliver to Licensor a copy of the policy or a certificate of insurance within thirty (30) days after execution of this License Agreement and will provide copies of renewal policies or certificates of insurance prior to the renewal date of such insurance. The policy shall contain a clause that the insurer will not cancel or reduce coverages without first giving Licensor thirty (30) days prior written notice. In every case of loss or damage to Licensee's portion of said equipment or buildings, including any other improvements, all proceeds of such insurance (excluding the proceeds of any rental value or use and occupancy insurance of Licensee) shall be used with all reasonable speed by Licensee for rebuilding, repairing or otherwise reinstating the same portion of said equipment or buildings, including any other improvements in a good and substantial manner according to the original plan and elevation thereof or such modified plan conforming to laws and regulations then in effect as shall be first approved in writing by Licensor and any mortgagee, and Licensee will make up from its own funds any deficiency in the insurance proceeds. If Licensee's portion of the existing equipment or buildings, including any other improvements on the licensed area shall during the last two years of said term be destroyed or damaged to an extent exceeding 50% of the actual cash value thereof immediately prior to such casualty, and the insurance proceeds are insufficient for restoring Licensee's portion of such restoration, Licensee may at its option within thirty (30) days after such casualty notify Licensor in writing of its intention to surrender this License Agreement, and Licensor shall, within thirty (30) days after receipt of such notice, advise Licensee in writing of their acceptance of such surrender, in which case Licensee shall, within sixty (60) days after receipt of such acceptance, cause all debris and remains of its portion of damaged equipment or buildings, including any other improvements to be removed from the licensed area under a contract therefor first approved in writing by Licensor and surrender to Licensor this License Agreement free and clear of any encumbrances and all interests of Licensee and any mortgagee in the remaining insurance proceeds and thereby be relieved of all further obligations hereunder, it being understood that if Licensor shall fail to so advise Licensee of their acceptance of such surrender or their election to restore such equipment or buildings, including any other improvements as hereinafter provided, such failure shall be deemed to constitute acceptance of such surrender.

Fire and Other Casualty Insurance. Licensee Lessee will at Licensee's its own expense at all times during said term keep its portion of all equipment and buildings, including any other improvements buildings on the licensed area demised land insured against loss or damage by fire with extended coverage and other causes of loss included an inflation guard endorsement in the standard ISO Special Coverage Form. The policy shall be with an insurance company authorized to do business in HawaiiHawaii and in time of war against war damage to the extent such governmental insurance is obtainable at reasonable cost, in an amount as near as practicable to the full replacement cost insurable value thereof (which amount Licensee Lessee will review as to sufficiency at least annually and, if insufficient, will increase), and shall be in the joint names of LicensorLessors, Licensee Lessee and any mortgagee as each of their interest interests may appear. Licensee , payable in case of loss to such trust company qualified under the laws of Hawaii and having its principal office in Honolulu as Lessee shall designate as trustee for the custody and disposition as herein provided of all proceeds of such insurance and will pay all premiums on such insurance when duedue and all fees and expenses of such trustee in connection with its services, and will deliver from time to Licensor a copy time deposit promptly with Lessors current certificates of the policy or a certificate of such insurance within thirty (30) days after execution of this License Agreement and will provide upon request therefor true copies of renewal policies or certificates of such insurance prior to the renewal date of such insurance. The policy shall contain a clause that the insurer will not cancel or reduce coverages without first giving Licensor thirty (30) days prior written noticepolicies. In every case of loss or damage to Licensee's portion of said equipment or buildings, including any other improvements, buildings all proceeds of such insurance (excluding the proceeds of any rental value or use and occupancy insurance of LicenseeLessee) shall be used with all reasonable speed by Licensee Lessee for rebuilding, repairing or otherwise reinstating the same portion of said equipment or buildings, including any other improvements buildings in a good and substantial manner according to the original plan and elevation thereof or such modified plan conforming to laws and regulations then in effect as shall be first approved in writing by Licensor Lessors and any mortgagee, and Licensee Lessee will make up from its own funds any deficiency in the insurance proceeds. If Licensee's portion of the existing equipment or buildingsLessee will, including any other improvements on the licensed area shall at its own expense, at all times during the last two years of said term be destroyed after completion of any buildings on said land, effect and maintain rent or damaged business interruption (use and occupancy) insurance against loss or damage by fire with extended coverage in respect to said premises in an extent exceeding 50% of the actual cash value thereof immediately prior insurance company authorized to such casualty, and the insurance proceeds are insufficient for restoring Licensee's portion of such restoration, Licensee may at its option within thirty (30) days after such casualty notify Licensor do business in writing of its intention to surrender this License Agreement, and Licensor shall, within thirty (30) days after receipt of such notice, advise Licensee in writing of their acceptance of such surrenderHawaii, in which an amount equal to not less than one (1) year's annual rent and real property taxes hereunder payable, in the joint names of and payable in case Licensee shallof loss to Lessors, within sixty (60) days after receipt of such acceptance, cause all debris and remains of its portion of damaged equipment or buildings, including any other improvements to be removed from the licensed area under a contract therefor first approved in writing by Licensor and surrender to Licensor this License Agreement free and clear of any encumbrances and all interests of Licensee Lessee and any mortgagee in the remaining insurance proceeds as their interests may appear, and thereby be relieved of all further obligations hereunder, it being understood that if Licensor shall fail Lessee will from time to so advise Licensee of their acceptance time deposit promptly with Lessors current certificates of such surrender or their election to restore such equipment or buildings, including any other improvements as hereinafter provided, such failure shall be deemed to constitute acceptance insurance and upon request therefor true copies of such surrenderinsurance policies. Lessee will at its own expense effect and maintain such other casualty insurance with respect to said premises or said rent as Lessors may from time to time require with due regard to prevailing prudent business practice as reasonably adequate for their protection.

Fire and Other Casualty Insurance. Licensee Lessee will at Licensee's its own expense at all times during said term keep its portion of all equipment and buildings, including any other improvements buildings on the licensed area said demised premises insured against loss or damage by fire with extended coverage and other causes of loss included an inflation guard endorsement in the standard ISO Special Coverage Form. The policy shall be with an insurance company authorized to do business in HawaiiHawaii and in time of war against war damage to the extent such governmental insurance is obtainable at reasonable cost, in an amount as near as practicable to the full replacement cost insurable value thereof (which amount Licensee Lessee will review as to sufficiency at least annually and, if insufficient, will increase), naming Lessor and shall be any leasehold mortgagee as additional insureds, as their interests may appear, payable in case of loss to such trust company qualified under the joint names laws of LicensorHawaii and having its principal office in Honolulu (unless Lessor, Licensee Lessee and any mortgagee shall otherwise agree) as each Lessee shall designate as trustee for the custody and disposition as herein provided of their interest may appear. Licensee all proceeds of such insurance and will pay all premiums on such insurance when duedue and all fees and expenses of such trustee in connection with its services, and will deliver from time to Licensor a copy time deposit promptly with Lessor current certificates of the policy or a certificate of such insurance within thirty (30) days after execution of this License Agreement and will provide upon request therefor true copies of renewal policies or certificates of such insurance prior to the renewal date of such insurance. The policy shall contain a clause that the insurer will not cancel or reduce coverages without first giving Licensor thirty (30) days prior written noticepolicies. In every case of loss or damage to Licensee's portion of said equipment or buildings, including any other improvements, buildings all proceeds of such insurance (excluding the proceeds of any rental value or use and occupancy insurance of LicenseeLessee) shall be used with all reasonable speed by Licensee Lessee for rebuilding, repairing or otherwise reinstating the same portion of said equipment or buildings, including any other improvements buildings in a good and substantial manner according to the original plan and elevation thereof or such modified plan conforming to laws and regulations then in effect as shall be first approved in writing by Licensor Lessor and any leasehold mortgagee, and Licensee Lessee will make up from its own funds any deficiency in the insurance proceeds. If Licensee's portion of the existing equipment or buildingsLessee will, including any other improvements on the licensed area shall at its own expense, at all times during the last two years of said term be destroyed or damaged to an extent exceeding 50% of the actual cash value thereof immediately prior to such casualty, and the insurance proceeds are insufficient for restoring Licensee's portion of such restoration, Licensee may at its option within thirty (30) days after such casualty notify Licensor in writing of its intention to surrender this License Agreement, and Licensor shall, within thirty (30) days after receipt of such notice, advise Licensee in writing of their acceptance of such surrender, in which case Licensee shall, within sixty (60) days after receipt of such acceptance, cause all debris and remains of its portion of damaged equipment or buildings, including any other improvements to be removed from the licensed area under a contract therefor first approved in writing by Licensor and surrender to Licensor this License Agreement free and clear completion of any encumbrances buildings on said demised premises, effect and all interests of Licensee maintain rent or business interruption (use and any mortgagee in the remaining occupancy) insurance proceeds and thereby be relieved of all further obligations hereunder, it being understood that if Licensor shall fail to so advise Licensee of their acceptance of such surrender against loss or their election to restore such equipment or buildings, including any other improvements as hereinafter provided, such failure shall be deemed to constitute acceptance of such surrender.damage by fire